EG 8-K
Everest Group, Ltd. (EG)
8-K
2021-10-28
For: 2021-10-27
View Original
Added on
April 08, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
,
Not Applicable
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code
-
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Class
Trading Symbol(s)
Name of Exchange where registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act.
☐
ITEM 2.02
DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 27, 2021, the registrant issued a news release announcing its third quarter 2021 results. A copy of that
news release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The news release furnished herewith contains information regarding the registrant’s operating income (loss).
Operating income (loss) differs from net income (loss) attributable to Everest Re Group, the most directly comparable
generally accepted accounting principle financial measure, by the exclusion of realized capital gains (losses) on
investments and net foreign exchange income (expense). Management believes that presentation of operating income
(loss) provides useful information to investors because it more accurately measures and predicts the registrant’s
results of operations by removing the variability arising from both the management of the registrant’s investment
portfolio and the fluctuations of foreign currency exchange rates. In addition, management, analysts and investors use
operating income (loss) to evaluate the financial performance of the registrant and the insurance industry in general.
In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished
pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liability of that section.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(c)
Exhibits
Exhibit No.
Description
99.1
News Release of the registrant,
dated October 27, 2021
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
EVEREST RE GROUP, LTD.
By:
/S/ ROBERT FREILING
Robert Freiling
Senior Vice President and
Chief Accounting Officer
Dated: October 27, 2021
EXHIBIT INDEX
Exhibit
Number
Description of Document
Page No.
5
104
Cover Page Interactive Data File (embedded
within the Inline XBRL document
1
N
EWS
R
ELEASE
EVEREST RE GROUP, LTD.
Seon Place, 141 Front Street, 4
th
Contacts
Media: Dawn Lauer Investors: Jon Levenson
Chief Communications Officer Head of Investor Relations
Everest Global Services, Inc. Everest Global Services, Inc.
908.300.7670 908.604.3169
Everest Re Group Reports Third Quarter 2021 Results
25% Growth in Gross Written Premium with an 87.9% Attritional Combined Ratio
On Track to Achieve Strategic Plan Objectives
HAMILTON, Bermuda -- (BUSINESS WIRE) – October 27, 2021 – Everest Re Group, Ltd. (“Everest” or
the “Company”) today reported its 2021 third quarter results.
Third Quarter 2021 Highlights
●
Gross written premium (“GWP”) growth of 25% year over year to $3.5 billion
●
Insurance segment GWP growth of 43% year over year to $1.0 billion. The second consecutive
quarter above $1.0 billion GWP
●
Reinsurance segment GWP growth of 19% year over year to $2.5 billion
●
Attritional combined ratio of 87.9%
●
Excellent Insurance segment attritional combined ratio of 90.3%, a 3.9-point improvement year
over year
●
Pre-tax Underwriting loss of $323 million inclusive of pre-tax net catastrophe losses of $635
million
●
Robust net investment income of $293 million, led by outstanding alternative asset performance of
$170 million
●
Common share repurchases of $160 million during the quarter and $200 million year to date
●
Annualized year to date Total Shareholder Return of 13.2%
2
Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:
“During the third quarter of 2021, Everest made significant progress toward the strategic plan objectives
detailed in the June investor day presentation. We achieved outstanding top line premium growth across
both of our insurance and reinsurance businesses, continued to improve the attritional profitability for our
Insurance Division, remained focused on risk appetite discipline and the diversification of our business,
demonstrated strong expense management, delivered excellent investment income results, opportunistically
reduced our cost of capital, and returned capital to our shareholders. Despite the high frequency and
severity of the natural catastrophe activity in the quarter, we also benefited from the de-risking of the CAT
portfolio and we remain on track to achieve our total shareholder return objective. We continue to
consistently demonstrate our ability to relentlessly execute against our plans regardless of the external
environment.”
Summary of Third Quarter 2021 Net Income and Other Items
●
Net income (loss) of $(73.5) million, equal to $(1.88) per share vs. net income of $243.1 million,
equal to $6.07 per share in the same period during 2020
●
Net operating income (loss) of $(52.6) million, equal to $(1.34) per share vs. net operating income
of $97.0 million, equal to $2.42 per share in the same period during 2020
●
Underwriting loss of $323.4 million inclusive of catastrophe losses from Hurricane Ida and
European Floods during the quarter, in the amount of $635 million net of recoveries and
reinstatement premiums ($555 million in reinsurance and $80 million in Insurance)
●
GAAP combined ratio of 112.2% which includes 26.2 points of catastrophe losses vs. 14.0 points
of catastrophe losses in the same period during 2020
●
No change to Covid-19 Pandemic (“Pandemic”) ultimate loss estimates of $511 million
●
Operating cashflow was $1.2 billion vs $1.1 billion a year ago. Year to date operating cashflow
was $2.8 billion vs $2.2 billion a year ago.
3
The following table summarizes the Company’s net income and related financial metrics.
Net income and operating income
Q3
Year to Date
Q3
Year to Date
All values in USD millions except for per share
2021
2021
2020
2020
Everest Re Group
Net income
(73.5)
948.4
243.1
450.5
Net operating income (loss)
(52.6)
794.7
97.0
344.2
Net income per diluted common share
(1.88)
23.72
6.07
11.18
Net operating income per diluted common share
(1.34)
19.87
2.42
8.54
Net income annualized return on average equity
(3.0%)
13.6%
11.0%
6.8%
Net operating income annualized return on average equity
(2.2%)
11.4%
4.4%
5.2%
Period end equity and book value
Year to Date
Shareholders' equity
9,978.6
Book value per share
253.40
Change in BVPS adjusted for dividends
6.1%
Total Shareholder Return ("TSR") - Annualized
13.2%
Notes
1/ Refer to the reconciliation of net income to net operating income found on page 7 of this
press release
The following information summarizes the Company’s underwriting results, on a consolidated basis and by
segment – Reinsurance and Insurance, with selected commentary on results by segment.
Underwriting information - Everest Re Group
Q3
Year to Date
Q3
Year to Date
Year on Year
All values in USD millions except for percentages
2021
2021
2020
2020
Q3
Year to Date
Gross written premium
3,497.6
9,619.2
2,791.6
7,731.8
25.3%
24.4%
Net written premium
3,025.8
8,389.1
2,448.7
6,667.6
23.6%
25.8%
Loss ratio
85.6%
73.3%
78.7%
72.8%
Commission and brokerage ratio
21.2%
21.2%
20.2%
21.7%
Other underwriting expenses
5.3%
5.6%
6.3%
6.1%
Combined ratio
112.2%
100.1%
105.2%
100.6%
Attritional combined ratio
87.9%
87.6%
85.8%
88.0%
Pre-tax net catastrophe losses
635.0
940.0
300.0
345.0
Pre-tax net covid losses
124.9
434.9
Pre-tax net prior year reserve development
(1.6)
(6.1)
(1.3)
1.4
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts, catastrophe losses, and reinstatement premiums
2/Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums
Reinsurance segment
●
Reinsurance achieved excellent growth in the quarter, growing premium 19% year over year to $2.5
billion. The growth was driven by continued partnership with our core clients and Everest’s position
as a preferred reinsurance platform. All target classes of business and geographies saw growth in the
4
quarter, and our portfolio is benefiting from improved economic conditions and strong rate
performance by our cedants.
●
The attritional combined ratio for the quarter of 87.1% reflects the deliberate and targeted shaping of
our portfolio to maximize long term results with a higher mix of pro rata structures, an improved
balance of property and casualty exposures, prudence in loss ratio selections, and continuous
expense discipline. The operating expense ratio of 2.3% is world class and demonstrates the
scalability of our franchise.
●
Reinsurance CAT losses for the quarter totaled $555 million net of recoveries and reinstatement
premiums, driven by Hurricane Ida and the Berndt flooding event in Europe. The cumulative,
deliberate, and purposeful actions we have taken to reduce volatility have reduced our company’s
risk profile.
Underwriting information - Reinsurance segment
Q3
Year to Date
Q3
Year to Date
Year on Year
All values in USD millions except for percentages
2021
2021
2020
2020
Q3
Year to Date
Gross written premium
2,488.3
6,695.6
2,087.0
5,403.1
19.2%
23.9%
Net written premium
2,293.0
6,265.8
1,936.9
4,974.0
18.4%
26.0%
Loss ratio
89.4%
74.1%
80.0%
72.2%
Commission and brokerage ratio
23.8%
23.8%
22.3%
24.3%
Other underwriting expenses
2.3%
2.5%
3.1%
2.9%
Combined ratio
115.5%
100.5%
105.4%
99.4%
Attritional combined ratio
87.1%
86.3%
83.0%
85.7%
Pre-tax net catastrophe losses
555.0
802.5
262.5
287.0
Pre-tax net covid losses
109.9
351.0
Pre-tax net prior year reserve development
(1.6)
(4.9)
(1.3)
(3.1)
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts, catastrophe losses, and reinstatement premiums
2/Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums
Insurance segment
●
Everest Insurance reported another outstanding premium quarter with record quarterly growth of
43% driving over $1.0 billion in gross written premium for a second consecutive quarter. The
exceptional growth in Q3 was driven by increasingly favorable economic conditions, new business
growth, and the combined impact of strong renewal retention and a continuing favorable rate
environment.
●
The Insurance segment also continues to expand attritional underwriting margins with improvement
in the loss and expense ratio and delivered a record-setting attritional combined ratio of 90.3%.
●
These results reflect our relentless focus on execution and the success of our nimble and disciplined
underwriting, which reacts quickly to market conditions and best positions our portfolio for long
term profitability.
5
Underwriting information - Insurance segment
Q3
Year to Date
Q3
Year to Date
Year on Year
All values in USD millions except for percentages
2021
2021
2020
2020
Q3
Year to Date
Gross written premium
1,009.3
2,923.6
704.6
2,328.7
43.2%
25.5%
Net written premium
732.8
2,123.3
511.8
1,693.6
43.2%
25.4%
Loss ratio
74.7%
70.8%
74.8%
74.6%
Commission and brokerage ratio
13.7%
13.4%
13.4%
14.0%
Other underwriting expenses
14.1%
14.5%
16.3%
15.4%
Combined ratio
102.5%
98.7%
104.5%
104.0%
Attritional combined ratio
90.3%
91.5%
94.2%
94.3%
Pre-tax net catastrophe losses
80.0
137.5
37.5
58.0
Pre-tax net covid losses
15.0
84.0
Pre-tax net prior year reserve development
(1.2)
4.6
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts, catastrophe losses, and reinstatement premiums
2/Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums
Investments and Shareholders’ Equity
●
Total invested assets and cash of $27.8 billion at September 30, 2021, 9.0% growth versus year end
2020
●
Shareholders’ equity of $10.0 billion as of September 30, 2021
●
Book value per diluted share of $253.40 at September 30, 2021 vs. $243.25 at December 31, 2020
●
Excluding unrealized gains (losses) on fixed income investments, book value per diluted share of
$242.83 at September 30, 2021, vs. $225.15 at December 31, 2020
●
Common share dividends declared and paid in the quarter of $1.55 per share, equal to $61.5 million
●
Common share repurchases of $160 million during the quarter, representing 625,358 shares at an
average price of $255.43 per share
Equity and Book Value per Share
Q3
Year to Date
Q3
Year to Date
All values in USD millions except for per share
2021
2021
2020
2020
Beginning shareholders' equity
10,416.8
9,726.2
9,286.3
9,132.9
Net income
(73.5)
948.4
243.1
450.5
Change- unrealized gains (losses) - Fixed inc. investments
(101.4)
(307.9)
52.0
348.5
Dividends to shareholders
(61.5)
(185.7)
(61.9)
(187.1)
Purchase of treasury shares
(159.7)
(200.1)
-
(200.0)
Other
(42.1)
(2.3)
71.8
46.5
Ending shareholders' equity
9,978.6
9,978.6
9,591.3
9,591.3
Common shares outstanding
39.38
39.97
Book value per common share outstanding
253.40
239.98
Less: Unrealized on fixed inc. investments ("URAD")
10.57
16.34
Book value excl. URAD per common share outstanding
242.83
223.64
Common share dividends paid - last 12 months
6.20
6.20
6
This news release contains forward-looking statements within the meaning of the U.S. federal securities
laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-
looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that
could cause actual results to differ materially from those contained in forward -looking statements made on
behalf of the Company. These risks and uncertainties include the impact of general economic conditions and
conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to
assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition,
investment market and investment income fluctuations, trends in insured and paid losses, catastrophes,
pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on
Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
About Everest Re Group, Ltd.
Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for
close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other
territories.
Everest offers property, casualty, and specialty products through its various operating affiliates located in
key markets around the world.
Everest common stock (NYSE:RE) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at
www.everestre.com
. All issuing companies may not do business in all jurisdictions.
A conference call discussing the third quarter results will be held at 8:00 a.m. Eastern Time on October 28,
2021. The call will be available on the Internet through the Company’s web site at everestre.com/investors.
Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the
Company’s results. The supplemental information is located at
www.everestre.com
“Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may
also be obtained by contacting the Company directly.
_______________________________________________
The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate
its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net
realized capital gains (losses) and after-tax net foreign exchange income (expense) as the following
reconciliation displays:
7
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in thousands, except per share amounts)
2021
2020
2021
2020
(unaudited)
(unaudited)
Per Diluted
Per Diluted
Per Diluted
Per Diluted
Amount
Share
Amount
Share
Amount
Share
Amount
Share
Net income (loss)
($73,468)
($1.88)
$243,057
$6.07
$948,376
$23.72
$450,549
$11.18
After-tax net realized capital gains (losses)
($2,591)
($0.07)
$88,911
$2.22
$111,196
$2.78
$67,067
$1.66
After-tax net foreign exchange income (expense)
($18,314)
($0.47)
$57,157
$1.43
$42,526
$1.06
$39,233
$0.97
After-tax operating income (loss)
($52,563)
($1.34)
$96,989
$2.42
$794,654
$19.87
$344,249
$8.54
(Some amounts may not reconcile due to rounding.)
Although net realized capital gains (losses) and net foreign exchange income (expense) are an integral part
of the Company’s insurance operations, the determination of net realized capital gains (losses) and foreign
exchange income (expense) is independent of the insurance underwriting process. The Company believes
that the level of net realized capital gains (losses) and net foreign exchange income (expense) for any
particular period is not indicative of the performance of the underlying business in that particular period.
Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial
information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or
misleading assumptions and conclusions. The Company understands that the equity analysts who follow the
Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The
Company provides after-tax operating income (loss) to investors so that they have what management
believes to be a useful supplement to GAAP information concerning the Company’s performance.
--Financial Details Follow--
8
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in thousands, except per share amounts)
2021
2020
2021
2020
(unaudited)
(unaudited)
REVENUES:
Premiums earned
$2,656,403
$2,205,811
$7,602,640
$6,285,030
Net investment income
292,759
234,233
960,267
420,116
Net realized capital gains (losses):
Credit allowances on fixed maturity securities
(7,329)
6,196
(30,234)
(19,641)
Other net realized capital gains (losses)
3,107
104,007
169,023
103,904
Total net realized capital gains (losses)
(4,222)
110,203
138,789
84,263
Other income (expense)
(19,517)
59,937
44,190
47,306
Total revenues
2,925,423
2,610,184
8,745,886
6,836,715
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses
$2,274,301
$1,736,210
$5,571,861
$4,574,066
Commission, brokerage, taxes and fees
564,335
445,332
1,611,095
1,360,170
Other underwriting expenses
141,150
138,875
424,225
385,865
Corporate expenses
17,817
10,618
46,363
29,184
Interest, fees and bond issue cost amortization expense
15,539
6,641
46,785
21,477
Total claims and expenses
3,013,142
2,337,676
7,700,329
6,370,762
INCOME (LOSS) BEFORE TAXES
(87,719)
272,508
1,045,557
465,953
Income tax expense (benefit)
(14,251)
29,451
97,181
15,404
NET INCOME (LOSS)
$(73,468)
$243,057
$948,376
$450,549
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising
during the period
(100,021)
63,480
(304,465)
335,835
Reclassification adjustment for realized losses (gains) included in net
income (loss)
(1,388)
(11,453)
(3,464)
12,689
Total URA(D) on securities arising during the period
(101,409)
52,027
(307,929)
348,524
Foreign currency translation adjustments
(53,599)
60,628
(28,886)
30,390
Reclassification adjustment for amortization of net (gain) loss included in
net income (loss)
1,563
1,806
5,649
4,532
Total benefit plan net gain (loss) for the period
1,563
1,806
5,649
4,532
Total other comprehensive income (loss), net of tax
(153,445)
114,461
(331,166)
383,446
COMPREHENSIVE INCOME (LOSS)
$(226,913)
$357,518
$617,210
$833,995
EARNINGS PER COMMON SHARE:
Basic
$(1.88)
$6.08
$23.74
$11.20
Diluted
(1.88)
6.07
23.72
11.18
9
EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
(Dollars and share amounts in thousands, except par value per share)
2021
2020
(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value
($1,745))
$21,623,119
$20,040,173
Equity securities, at fair value
1,523,595
1,472,236
Short-term investments (cost: 2021, $713,144; 2020, $1,135,088)
713,144
1,134,950
Other invested assets
2,855,372
2,012,581
Cash
1,068,441
801,651
Total investments and cash
27,783,671
25,461,591
Accrued investment income
170,364
141,304
Premiums receivable
3,408,338
2,680,562
Reinsurance recoverables
2,215,380
1,994,555
Funds held by reinsureds
811,269
716,655
Deferred acquisition costs
797,735
622,053
Prepaid reinsurance premiums
552,468
412,015
Income taxes net recoverable
-
17,253
Other assets
866,872
742,369
TOTAL ASSETS
$36,606,097
$32,788,357
LIABILITIES:
Reserve for losses and loss adjustment expenses
18,956,953
16,398,997
Future policy benefit reserve
36,533
37,723
Unearned premium reserve
4,421,098
3,501,359
Funds held under reinsurance treaties
18,279
15,807
Other net payable to reinsurers
485,682
294,347
Losses in course of payment
150,784
127,971
Senior notes due 6/1/2044
397,284
397,194
Senior notes due 10/1/2050
979,915
979,524
Long term notes due 5/1/2067
223,749
223,674
Borrowings from FHLB
310,000
310,000
Accrued interest on debt and borrowings
23,267
10,460
Unsettled securities payable
83,626
206,693
Income taxes net payable
4,074
-
Other liabilities
536,218
558,432
Total liabilities
26,627,462
23,062,181
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50,000 shares authorized;
no shares issued and outstanding
-
-
Common shares, par value: $0.01; 200,000 shares authorized; (2021) 69,806
and (2020) 69,620 outstanding before treasury shares
698
696
Additional paid-in capital
2,266,342
2,245,301
Accumulated other comprehensive income (loss), net of deferred income tax expense
(benefit) of $44,338 at 2021 and $80,451 at 2020
203,733
534,899
Treasury shares, at cost; 30,427 shares (2021) and 29,636 shares (2020)
(3,822,235)
(3,622,172)
Retained earnings
11,330,097
10,567,452
Total shareholders' equity
9,978,635
9,726,176
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$36,606,097
$32,788,357
10
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
(Dollars in thousands)
2021
2020
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$948,376
$450,549
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable
(736,614)
(357,162)
Decrease (increase) in funds held by reinsureds, net
(92,512)
(53,878)
Decrease (increase) in reinsurance recoverables
(230,593)
(172,454)
Decrease (increase) in income taxes
57,270
184,311
Decrease (increase) in prepaid reinsurance premiums
(146,639)
(7,963)
Increase (decrease) in reserve for losses and loss adjustment expenses
2,576,049
1,665,982
Increase (decrease) in future policy benefit reserve
(1,189)
(2,218)
Increase (decrease) in unearned premiums
927,524
392,904
Increase (decrease) in other net payable to reinsurers
198,954
68,784
Increase (decrease) in losses in course of payment
23,661
132,208
Change in equity adjustments in limited partnerships
(543,401)
(12,475)
Distribution of limited partnership income
105,571
55,576
Change in other assets and liabilities, net
(247,615)
(131,224)
Non-cash compensation expense
33,199
29,337
Amortization of bond premium (accrual of bond discount)
57,289
32,594
Net realized capital (gains) losses
(138,789)
(84,263)
Net cash provided by (used in) operating activities
2,790,541
2,190,608
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value
2,756,963
1,781,821
Proceeds from fixed maturities sold - available for sale, at market value
883,149
1,390,747
Proceeds from fixed maturities sold - available for sale, at fair value
-
2,054
Proceeds from equity securities sold, at fair value
578,894
329,750
Distributions from other invested assets
216,573
210,527
Cost of fixed maturities acquired - available for sale, at market value
(5,670,636)
(3,874,890)
Cost of equity securities acquired, at fair value
(507,862)
(460,953)
Cost of other invested assets acquired
(604,180)
(392,650)
Net change in short-term investments
422,643
(804,744)
Net change in unsettled securities transactions
(177,259)
89,064
Net cash provided by (used in) investing activities
(2,101,715)
(1,729,274)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period for share-based compensation, net of expense
(12,156)
(13,617)
Purchase of treasury shares
(200,064)
(200,020)
Dividends paid to shareholders
(185,731)
(187,110)
Cost of debt repurchase
-
(10,647)
FHLB borrowings (repayments)
-
90,000
Cost of shares withheld on settlements of share-based compensation awards
(15,133)
(15,298)
Net cash provided by (used in) financing activities
(413,084)
(336,691)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
(8,952)
6,203
Net increase (decrease) in cash
266,790
130,845
Cash, beginning of period
801,651
808,036
Cash, end of period
$1,068,441
$938,881
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)
$39,767
$(169,149)
Interest paid
33,422
16,731